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EIB sold 12 million NER300 EUAs in December

The European Investment Bank (EIB) sold 12 million EU allowances (EUAs) from the new entrants reserve (NER) for the third phase of the EU Emissions Trading System (ETS) last month, it said on Wednesday.

The EIB said in a report published late on Wednesday it sold 12 million EUAs for a total value of around 97,8 million euros, before deduction of expenses and market and EIB fees, at an average price of € 8.15.

All transactions were executed between 2 and 30 December in the OTC market on a forward basis with delivery of EUAs in December 2013.

The volumes sold per trading day varied between 200,000 and 1,100,000 EUAs and were the lowest during the holiday period due to low liquidity in the market.

At the same time, the EIB said it will start to sell EUAs on exchanges (ICE Futures Europe and the EEX) once it becomes their member. "The application process is already very well advanced", said the bank.

The EIB was tasked by the European Commission to sell 300 million EUAs from NER300. The first tranche of 200 million EUAs needs to be monetised within 10 months from delivery, i.e. by 2 October 2012.

Source: EIB